App developer files for insolvency with debts of £250,000
A Manchester based firm which specialises in developing apps has filed for insolvency.
Dreamr, which was founded by Mylo Kaye and business partner Jack Mason, owes the HMRC £250,000.
The company was founded in June 2017 and employs eight staff.
It filed a company voluntary arrangement (CVA) with advice from accountancy firm Royce Peeling Green.
The CVA means the company will be able to continue trading and pay back the creditors over due course.
Milo Kaye is no longer with Dreamr having left 12 months ago.
Mr Mason said: “We have recently entered into a CVA in order to fully honour 100% of creditor debts.
“2018 led to numerous challenges in a very competitive market and Brexit uncertainty hasn’t helped.
“We have developed a refined, leaner service offering for 2019. The introduction of complementary marketing and start-up support, leaves us in a far better financial position, which led to full support and approval from creditors on the CVA.
“I felt it highly important to honour our obligations and pay creditors in full, and safeguard as many jobs as possible.”
Mr Mason is also a director of Dreamr Ventures Ltd, which remains active.
Mr Kaye resigned from Dreamr Ventures in January last year. Mason and Kaye were also directors of RedFishMedia, which began winding up proceedings in September 2017 and was dissolved in February 2019.